Role of the Board

The Board currently comprises seven Directors, of whom five, including the Chairman, are non-executive.

The Directors believe that the Board continues to include an appropriate balance of skills experience, independence and knowledge of the Company and retains the ability to provide effective leadership to the Group.

The Board is collectively responsible for the success of the Company and has a formal schedule of matters reserved for its decision which includes the matters summarised below.

Determining the Group's strategic direction

Approving annual budgets and financial reporting, including the annual and half-year results and interim management statements

Approving interim, and recommending final, dividends

Approving major acquisitions, disposals and capital expenditure

Ensuring the necessary financial and human resources are in place to achieve objectives and review management performance

Setting the Company's values and ethical standards

Approving policies and systems for risk management and assurance

The Board reviewed its list of reserved matters in March 2015. The full matters reserved for the Board can be found below.